Geoff Newman is a manager at Weiss & Company, LLP, a full service accounting firm serving closely-held middle market businesses. The firm partners with their clients to assist them with income tax planning and compliance needs. They also help clients meet their financial reporting requirements to the various financial stakeholders of their organizations. In addition to these two areas, the firm provides consulting on many business matters and family office services.
Newman serves as an advisor to his clients, helping them plan for their income taxes in order to reduce their taxable income. He also assists them with their financial reporting to help them provide timely and accurate financial information to stakeholders. Newman has served as advisor to many different industries including manufacturing, professional services, technology and non-profit for over 10 years.
Newman shares his expertise and knowledge in finance with small business owners for their financial success.
(Photo courtesy of Geoff Newman)
What are the top five things small businesses can do to be successful in the marketplace in terms of finance?
Good financial housekeeping goes a long way.
- Get an accounting system if you do not have one already, and maintain accurate accounting records. There are some pretty economical choices out there that can meet most small businesses’ needs.
- Maintain a separate bank account for your business, and use it only for business purposes. Commingling business and personal accounts is a bad business practice that we encounter from time to time, which compromises the ability to provide timely and accurate financial reporting.
- Get professional advice. A good advisor can guide you towards better decision-making and point out things you may not have considered. As a bonus, enlisting a professional allows business owners to run their businesses.
- Create a budget for your business to guide you towards your financial goals. Tracking your progress allows you to identify problems and make adjustments to stay on track.
- Take responsibility for your financial function. Successful business people understand the importance of being able to read and interpret financial results. Plus, business owners are ultimately responsible for the information contained in their income tax returns and financial statements, so having a basic understanding of these documents is necessary.
This article was written by Michelle Guilbeau of Examiner.com for CBS Small Business Pulse.